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Will this U-turn boost black money?

I found Zenobia Aunty scratching her head. Trying to be helpful, I trotted to the neighbourhood store and promptly presented her with a bottle of anti-dandruff shampoo, only to have it violently thrown at me. Ouch! This did hurt, I wish I had purchased a smaller bottle.

Zenobia Aunty, who touts herself as an anti-corruption, anti-black money crusader was both puzzled (which explained the head scratching) and hurt. She had puffed up with pride when Prime Minister Modi had announced how efforts were underway to unearth black money (let’s keep Panama papers aside for the time being).

The Companies Act, 2013, had restricted the number of step down subsidiaries that a company can have to two. This was meant to curb unethical practices including money laundering.

Now, the Lok Sabha has passed the Companies Amendment Bill, 2016, which removes this restriction and enables companies to have unlimited number of